Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Treasury Confirms It - Govt Borrowing For Super

27 June 2001

Treasury Confirms It - Govt Borrowing For Superfund

Treasury has today confirmed that the government would have to borrow most of the contributions to the Superfund over the next five years.

National's Finance spokesman Bill English says the truth came out at a hearing of the Finance and Expenditure Select Committee today.

"Dr Cullen has consistently denied that the Superfund will mean more government borrowing. But today his position was undercut by his own officials.

"Budget tables show the government plans to borrow $7.6 billion over the next five years to pay for its investments. In that same period Dr Cullen's plan calls for the government to pay $6.1 billion into the Superfund.

"Treasury officials today confirmed that if there were no contributions to the Superfund the government would only be borrowing $1.5 billion.

"Treasury officials also confirmed that it doesn't make sense to borrow for saving.

"Borrowing to invest in the Superfund is like increasing your mortgage to buy shares. You might come out ahead, but you might lose the lot.

"It certainly isn't smart to rely on that kind of investment," Bill English said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Tax Working Group’s Road Map

Trying to analyse the interim report on the Tax Working Group (TWG) is like trying to review an entire All Blacks game, but at the half- time mark.

With so much still to be finalised, Sir Michael Cullen and his colleagues are going to need all the All Blacks’ fabled finishing skills to get a coherent, fiscally neutral package together by the February 2019 deadline. More>>


Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>


No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>


Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>


Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote… Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.” More>>


Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>





InfoPages News Channels